Market Updates

Daily Market Update May 30, 2017

Early Morning Update

The Jul17 natural gas contract is trading down $0.12 at $3.19.  The Jul17 crude contract is down $0.35 at $49.45.

 

Summary

The June NYMEX natural gas contract expired on Friday ahead of the holiday weekend, and closed trading up 5 cents on the day at $3.236/MMBtu. Despite finishing the day higher, the prompt month has come off about 5% over the past two weeks amid differing mid- and long-range forecasts. The six-to-fourteen day forecast shows normal temperatures on a nationwide basis, implying weak residential/commercial demand, as well as low power burn. Conversely, the current outlook for the June-August period is indicating higher than average temperatures across most of the East and West Coasts, which may provide support for fueling electric sector gas consumption as the summer continues. Production continues to hover around the 71 Bcf/day mark, and we are currently on pace for the lowest May injections into natural gas storage on record. Looking forward, an additional pull on demand will be the fourth train at the Sabine Pass LNG export facility, expected to become operational in August.


Market Update 053017

Market Settles 052617

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